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More Millennials Living At Home To Save On College Costs

Danielle Parrella, 25, logged four years of undergraduate and two years of graduate school at Iona College in New Rochelle, NY—but she doesn’t have any memories of crazy roommates or 3 a.m. dorm mishaps. That’s because she lived with her parents for the duration of her college career. “My parents always wanted me to save as much money as possible,” says Parrella, who now works as a fourth-grade teacher. “I was able to sleep comfortably without the noise of roommates, and I had the support of my family as I went through a stressful program.”

Parrella is one of many Millennials making a similar choice. More than half of college students (54%) chose to live at home to make school more affordable, according to Sallie Mae’s most recent How America Pays for College report. That’s up from 43% just four years ago. “Our research shows that families are making deliberate decisions to save on their college bills, and they are adopting multiple strategies to reduce the cost of college,” says Abigail Harper, a spokesperson for Sallie Mae. “One of the strategies they’re using is living at home, and another is living closer to home to reduce travel expenses.”

Students did a variety of things to save money on school. (Photo credit: Sallie Mae)

Living at home can save you a significant sum of cash. Consider that average room and board costs for the 2013-2014 school year ranged from $9,498 for a public four-year in-state school to $10,823 for a private nonprofit four-year school, according to the College Board. Now multiply that by four.

But what is it like to continue to wake up in your childhood bed and greet Mom and Dad at the breakfast table before class? There are advantages and disadvantages, according to those who have done it. Here’s the rundown:

You’ll have more support. Living in a dorm, everyone is dealing with the same kinds of pressures. At home, if you’re overloaded, your family may be willing to lend a hand. “I was working full time, taking 15 credit hours at school, and partaking in an internship, so there wasn’t much free time to clean my room, do my laundry and make meals,” says Anthony Filomena, 23, who lived with his parents for his last two years of college at Columbia College Chicago. “That definitely was a major stress reliever to have help from my parents and siblings.”

It’s easier to study. Dorms are notoriously rowdy places, but live-at-home students don’t have to deal with the constant distractions of roommates and on-campus activities. “I always had a quiet place to do my school work,” Parrella says.

You might feel like the odd man out. Commuting to school may put you at a disadvantage when it comes to forming quick friendships. “The relationship the dorm kids had to one another was one I always wanted,” Parella says. “They had a special connection from the first orientation day on campus. If you were an off-campus kid, you didn’t get to attend the parties that the dorm kids had.” (This is more of an issue, of course, if you’re attending a school with a traditional dormitory set-up.)

You don’t have to give up the freshman dorm experience. Jamie DeVivo, 24, who attended Rutgers University in New BrunswickBrunswick, NJ, lived on and off campus—and away from home—for the first three years of school. For her senior year, she moved back in with her mother. “I had already gotten the living-away experience, and also made many great friendships,” DeVivo says. “But it was in my best interest to save money.”

…but it may be a tough transition back home. If you do decide to start out away from home and move back in for the last couple of college years, be prepared to feel a little more hemmed in. “I went from having friends pile into my dorm and sleep over to practically no social life with working and school full time,” Filomena says.

There are perks. Beyond cost savings, there are other benefits of avoiding the dorms. “Free laundry and meals were definitely an advantage,” says Alida Almonte, who lived with her sister and family while she attended Hofstra University in Long Island, NY. “Also, I developed an amazing relationship with my nephew and twin nieces.” For DeVivo, who attended a school with limited parking, the ability to have access to a car was freeing. “I enjoyed not having to rely on others for transportation,” she says. “The ability to just drive to the store greatly simplifies running errands.”

You will graduate with far less debt. Patria Paulino, 21, attended the University of Kentucky in Lexington for three years before she realized how much money she was spending on tuition and living expenses. This year, she will attend William Paterson University in Wayne, NJ, and live with her parents. “When I think about money and adding to my debt of just $20,000, I cringe,” she says. “I do really miss Kentucky and my sorority sisters, but to me, going out with my friends isn’t worth adding another $10,000.”

Tyler Caudill, 19, lives at home while he attends Wytheville Community College in Wytheville, VA. Although he laments the lack of privacy—he’s the oldest of seven children—he will graduate with his associates degree in the fall with no student loans or debt. He hopes to complete his last two years of schooling at Virginia Tech in Blacksburg, VA. Says Caudill: “I would do it again.”

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